The Hanover Insurance Group, Inc. (THG) 8-K The Hanover Reports Excellent Third Quarter Net Income and Net and Operating Return on Equity of 15.0% and 14.4%, Respectively

Exhibit 99.2

FINANCIAL SUPPLEMENT
THIRD QUARTER 2024

THE HANOVER INSURANCE GROUP
FINANCIAL SUPPLEMENT
TABLE OF CONTENTS
Segment Descriptions....................................................................................................	1
Financial Highlights.........................................................................................................	2
Consolidated Financial Statements
Income Statements.............................................................................................................	3
Balance Sheets...................................................................................................................	4
Pre-tax Operating Results and Related Metrics
Consolidated.......................................................................................................................	5-7
Core Commercial...............................................................................................................	8-9
Specialty..............................................................................................................................	10-11
Personal Lines....................................................................................................................	12-15
Investments
Net Investment Income and Yields.....................................................................................	16
Investment Portfolio.............................................................................................................	17
Credit Quality and Duration of Fixed Maturities...............................................................	18
Top 25 Corporate and Municipal Fixed Maturity Holdings.............................................	19
Reconciliation of Operating Income (Loss) to Net Income (Loss)......................	20
Other Information
Non-GAAP Financial Measures........................................................................................	21
Premium Related Metric Definitions.................................................................................	22
Corporate Information.........................................................................................................	23
Market and Dividend Information......................................................................................	23
Financial Strength and Debt Ratings................................................................................	23

i

THE HANOVER INSURANCE GROUP
BASIS OF PRESENTATION
SEGMENT DESCRIPTIONS
CORE COMMERCIAL
Sub-segment	Customer and business type	Primary lines of business
Small Commercial	Coverage to small businesses, with annual premiums of $50,000 or less; Products are tailored to specific industry segments as needed.	● Business owners’ policy/commercial multiple peril ● Commercial automobile ● Workers’ compensation ● Other (general liability, commercial umbrella, monoline property)
Middle Market	Coverage to mid-sized businesses with annual premiums starting at $50,000, focusing on those between $50,000 and $250,000. Products are tailored to certain specific industry segments, including technology, manufacturing, human services, retail, real estate, among others.	● Commercial multiple peril ● Commercial automobile ● Workers’ compensation ● Other (general liability, commercial umbrella, monoline property)
SPECIALTY
Sub-segment	Customer and business type	Primary lines of business
Professional and Executive Lines	Coverage to small to mid-sized non-public companies, including lawyer, engineer, accountant, and various other professional and advisory firms including healthcare; provide protection for directors, officers and employees against actual or alleged errors, negligence or bad faith, employment practices.	● Professional liability ● Management liability ● Fidelity and crime ● Other property and liability lines for healthcare firms
Specialty Property & Casualty	Program business - coverage to markets with specialty or risk management needs related to groups of similar businesses; Hanover Specialty Industrial (HSI) - coverage to small and medium chemical, paint, solvent and other manufacturers and distributors; Excess & Surplus - non-admitted general liability and property coverage to risks outside of the appetite of standard commercial lines; Specialty General Liability - admitted coverage for higher-hazard liability risks	● Commercial multiple peril ● Commercial automobile ● Workers’ compensation ● Other (general liability, commercial umbrella, monoline property)
Marine	Includes coverage for inland and ocean marine, and insures against physical losses to property, such as contractor's equipment, builders' risk and goods in transit. Also covers jewelers block, fine art and other valuables.	● Inland/ocean marine ● Ancillary lines of business written through marine agents
Surety and Other	Provides coverage for construction and other firms, as well as sole proprietors in the event of claims for non-performance or non-payment, and commercial surety coverage related to fiduciary or regulatory obligations.	● Bond
PERSONAL LINES
Sub-segment	Customer and business type	Primary lines of business
Personal Automobile	Includes coverage for individuals against losses incurred from personal bodily injury, bodily injury to third parties, property damage to an insured's vehicle, and property damage to other vehicles and other property.	● Personal automobile
Homeowners and Other	Includes coverage for individuals for losses to their residences and personal property, such as those caused by fire, wind, hail, water damage (excluding flood), theft and vandalism, and against third-party liability claims.	● Homeowners ● Personal umbrella ● Inland Marine (jewelry, art, etc.) ● Other (fire, personal watercraft, other miscellaneous)
OTHER
The Other segment includes earnings on holding company assets; holding company and other expenses, including certain costs associated with retirement benefits due to our former life insurance employees and agents; and our run-off voluntary assumed property and casualty pools, run-off direct asbestos and environmental, and our product liability businesses. Also included in Other, during the first half of 2024 and prior, were the operations of Opus Investment Management, Inc. (“Opus”), which provided investment management services to The Hanover Insurance Group, Inc. and its subsidiaries (“THG”), as well as institutions, pension funds, and other organizations. During the second and third quarters of 2024, we exited all of Opus’ business operations serving unaffiliated entities. Investment management services provided by Opus to THG related to its investment-grade fixed maturities portfolio were also transferred to an external manager during the second quarter of 2024.

1

THE HANOVER INSURANCE GROUP
FINANCIAL HIGHLIGHTS
		Q1		Q2		Q3		Q4		Q1		Q2		Q3		Sep-YTD		Sep-YTD
(In millions, except earnings per share)		2023 (1)		2023 (2)		2023		2023		2024		2024		2024		2023 (2)		2024
PREMIUMS
Gross premiums written	$	1,577.3	$	1,589.9	$	1,763.3	$	1,502.4	$	1,625.8	$	1,679.3	$	1,831.6	$	4,930.5	$	5,136.7
Net premiums written		1,421.5		1,446.8		1,596.4		1,345.5		1,454.0		1,521.1		1,663.4		4,464.7		4,638.5
Net premiums earned		1,380.0		1,411.7		1,431.1		1,440.3		1,448.6		1,473.2		1,479.2		4,222.8		4,401.0
EARNINGS
Operating income (loss) before interest and taxes	$	13.2	$	(79.4)	$	13.7	$	158.1	$	149.7	$	95.4	$	150.6	$	(52.5)	$	395.7
Operating income (loss) after taxes		4.6		(68.3)		6.8		113.1		111.9		68.1		111.3		(56.9)		291.3
Income (loss) from continuing operations		(12.0)		(70.0)		8.2		107.3		115.5		40.4		102.1		(73.8)		258.0
Net income (loss)		(12.0)		(69.2)		8.6		107.9		115.5		40.5		102.1		(72.6)		258.1
PER SHARE DATA (DILUTED)
																-		-
Operating income (loss) after taxes	$	0.13	$	(1.91)	$	0.19	$	3.13	$	3.08	$	1.88	$	3.05	$	(1.59)	$	8.01
Income (loss) from continuing operations		(0.34)		(1.96)		0.23		2.97		3.18		1.11		2.80		(2.07)		7.09
Net income (loss)		(0.34)		(1.94)		0.24		2.98		3.18		1.12		2.80		(2.03)		7.10
Dilutive weighted average shares outstanding		36.1		36.0		36.1		36.2		36.3		36.3		36.5		36.1		36.4
Basic weighted average shares outstanding		35.6		35.7		35.8		35.8		35.8		36.0		36.0		35.7		35.9
BALANCE SHEET
		March 31		June 30		September 30		December 31		March 31		June 30		September 30
(In millions, except per share data)		2023		2023		2023		2023		2024		2024		2024
Total assets	$	14,091.7	$	14,186.7	$	14,315.0	$	14,612.6	$	14,594.1	$	14,872.2	$	15,367.0
Total loss and loss adjustment expense reserves		7,143.4		7,313.3		7,329.8		7,308.1		7,331.1		7,463.1		7,426.8
Total shareholders' equity		2,389.0		2,237.9		2,116.3		2,465.6		2,522.7		2,552.2		2,877.7
Total shareholders' equity, excluding net unrealized appreciation
(depreciation) on fixed maturity investments, net of tax		2,934.2		2,847.9		2,837.2		2,928.0		3,018.2		3,040.9		3,126.5
Property and Casualty Companies
Statutory surplus	$	2,674.5	$	2,508.3	$	2,501.9	$	2,642.7	$	2,762.3	$	2,810.2	$	2,893.5
Premium to surplus ratio		2.09:1		2.27:1		2.31:1		2.20:1		2.12:1		2.11:1		2.07:1
Book value per share	$	66.89	$	62.62	$	59.21	$	68.93	$	70.22	$	70.96	$	79.90
Book value per share, excluding net unrealized appreciation
(depreciation) on fixed maturity investments, net of tax	$	82.16	$	79.68	$	79.38	$	81.86	$	84.01	$	84.56	$	86.81
Tangible book value per share (total book value excluding goodwill
and intangibles)	$	61.44	$	57.17	$	53.76	$	63.49	$	64.80	$	65.55	$	74.50
Shares outstanding		35.7		35.8		35.8		35.8		35.9		36.0		36.0
Total debt/equity		32.8 %		35.0 %		37.0 %		31.8 %		31.1 %		30.7 %		27.2 %
Total debt/total capital		24.7 %		25.9 %		27.0 %		24.1 %		23.7 %		23.5 %		21.4 %
(1) Operating income metrics are calculated using diluted shares outstanding; loss from continuing operations, net of taxes and net loss metrics are calculated using basic shares outstanding due to antidilution.
(2) Per share data is calculated using basic shares outstanding due to antidilution.

2

THE HANOVER INSURANCE GROUP
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
	Three Months ended September 30					Nine Months ended September 30
(In millions)		2024		2023	% Change		2024		2023	% Change
Premiums earned	$	1,479.2	$	1,431.1	3.4	$	4,401.0	$	4,222.8	4.2
Net investment income		91.8		84.2	9.0		271.9		250.5	8.5
Net realized and unrealized investment gains (losses):
Net realized losses from sales and other		(23.5)		(0.9)	N/M		(55.2)		(1.9)	N/M
Net change in fair value of equity securities		11.7		(5.2)	N/M		19.3		(13.4)	N/M
Impairments on investments:
Credit-related impairments		(0.1)		-	N/M		(3.3)		(6.2)	(46.8)
Losses on intent to sell securities		(0.5)		-	N/M		(2.2)		(10.3)	(78.6)
		(0.6)		-	N/M		(5.5)		(16.5)	(66.7)
Total net realized and unrealized investment losses		(12.4)		(6.1)	103.3		(41.4)		(31.8)	30.2
Fees and other income		6.7		7.4	(9.5)		21.6		23.2	(6.9)
Total revenues		1,565.3		1,516.6	3.2		4,653.1		4,464.7	4.2
LOSSES AND EXPENSES
Losses and loss adjustment expenses		954.0		1,061.5	(10.1)		2,896.8		3,218.8	(10.0)
Amortization of deferred acquisition costs		307.8		296.6	3.8		910.3		878.1	3.7
Interest expense		8.5		8.5	-		25.6		25.6	-
Other operating expenses		165.3		150.9	9.5		494.1		451.3	9.5
Total losses and expenses		1,435.6		1,517.5	(5.4)		4,326.8		4,573.8	(5.4)
Income (loss) before income taxes		129.7		(0.9)	N/M		326.3		(109.1)	N/M
Income tax expense (benefit)		27.6		(9.1)	N/M		68.3		(35.3)	N/M
Income (loss) from continuing operations		102.1		8.2	N/M		258.0		(73.8)	N/M
Discontinued operations (net of taxes):
Income from discontinued life businesses		-		-	-		0.1		-	-
Income from discontinued Chaucer business		-		0.4	N/M		-		1.2	N/M
Net income (loss)	$	102.1	$	8.6	N/M	$	258.1	$	(72.6)	N/M

3

THE HANOVER INSURANCE GROUP
CONSOLIDATED BALANCE SHEETS
		September 30		December 31
(In millions, except per share data)		2024		2023	% Change
ASSETS
Investments:
Fixed maturities, at fair value (amortized cost of $8,936.5 and $8,573.9)	$	8,620.0	$	7,985.3	7.9
Equity securities, at fair value		150.1		130.9	14.7
Other investments		760.6		796.9	(4.6)
Total investments		9,530.7		8,913.1	6.9
Cash and cash equivalents		427.1		316.1	35.1
Accrued investment income		64.2		58.2	10.3
Premiums and accounts receivable, net		1,881.5		1,705.6	10.3
Reinsurance recoverable on paid and unpaid losses and unearned premiums		1,960.9		2,056.1	(4.6)
Deferred acquisition costs		662.9		620.8	6.8
Deferred income tax asset		128.1		173.3	(26.1)
Goodwill		178.8		178.8	-
Other assets		443.7		504.0	(12.0)
Assets of discontinued businesses		89.1		86.6	2.9
Total assets	$	15,367.0	$	14,612.6	5.2
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Loss and loss adjustment expense reserves	$	7,426.8	$	7,308.1	1.6
Unearned premiums		3,339.2		3,102.5	7.6
Expenses and taxes payable		775.1		775.9	(0.1)
Reinsurance premiums payable		50.9		64.3	(20.8)
Debt		783.9		783.2	0.1
Liabilities of discontinued businesses		113.4		113.0	0.4
Total liabilities		12,489.3		12,147.0	2.8
SHAREHOLDERS' EQUITY
Preferred stock, par value $0.01 per share;
20.0 million shares authorized; none issued		-		-	-
Common stock, par value $0.01 per share; 300.0 million shares
authorized; 60.5 million shares issued		0.6		0.6	-
Additional paid-in capital		1,962.9		1,939.2	1.2
Accumulated other comprehensive loss		(299.5)		(517.2)	(42.1)
Retained earnings		3,074.5		2,909.4	5.7
Treasury stock at cost (24.5 million and 24.7 million shares)		(1,860.8)		(1,866.4)	(0.3)
Total shareholders' equity		2,877.7		2,465.6	16.7
Total liabilities and shareholders' equity	$	15,367.0	$	14,612.6	5.2

4

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS
CONSOLIDATED
Three Months ended September 30
		2024										2023
		Core				Personal						Core				Personal
(In millions, except percentage data)		Commercial		Specialty		Lines		Other		Total		Commercial		Specialty		Lines		Other		Total
Gross premiums written	$	682.5	$	408.9	$	740.2	$	-	$	1,831.6	$	667.4	$	400.5	$	695.4	$	-	$	1,763.3
				-				-						-				-
Net premiums written	$	599.2	$	350.2	$	714.0	$	-	$	1,663.4	$	589.4	$	338.7	$	668.3	$	-	$	1,596.4
				-				-						-				-
Net premiums earned	$	533.3	$	331.2	$	614.7	$	-	$	1,479.2	$	517.4	$	321.7	$	592.0	$	-	$	1,431.1
				-				-						-				-
Losses and LAE:
				-				-						-				-
Current year, excluding catastrophe losses		310.2		158.9		393.0		-		862.1		291.1		153.4		423.3		-		867.8
								-										-
Prior year unfavorable (favorable) development, excluding catastrophe losses		(3.6)		(10.2)		(0.2)		-		(14.0)		2.7		(5.0)		0.2		-		(2.1)
								-										-
Current year catastrophe losses		38.2		7.9		69.8		-		115.9		44.6		6.9		144.3		-		195.8
								-										-
Prior year favorable catastrophe development		(6.5)		(3.5)		-		-		(10.0)		-		-		-		-		-
								-										-
Total losses and LAE		338.3		153.1		462.6		-		954.0		338.4		155.3		567.8		-		1,061.5
								-										-
Amortization of deferred acquisition costs and other underwriting expenses		180.4		125.5		158.8		-		464.7		173.7		113.7		151.5		-		438.9
								-										-
GAAP underwriting profit (loss)		14.6		52.6		(6.7)		-		60.5		5.3		52.7		(127.3)		-		(69.3)
								-										-
Net investment income		42.1		20.9		26.3		2.5		91.8		38.4		18.0		24.3		3.5		84.2
								-										-
Other income		1.2		1.6		3.9		-		6.7		1.3		1.2		4.2		0.7		7.4
								-										-
Other operating expenses		(2.0)		(2.1)		(1.8)		(2.5)		(8.4)		(1.9)		(1.6)		(1.6)		(3.5)		(8.6)
								-										-
Operating income (loss) before income taxes	$	55.9	$	73.0	$	21.7	$	-	$	150.6	$	43.1	$	70.3	$	(100.4)	$	0.7	$	13.7
Loss and LAE ratio:
Current year, excluding catastrophe losses		58.2 %		48.0 %		63.9 %		N/M		58.2 %		56.3 %		47.8 %		71.5 %		N/M		60.6 %
Prior year unfavorable (favorable) development, excluding catastrophe losses		(0.7)%		(3.1)%		-		N/M		(0.9)%		0.5 %		(1.6)%		-		N/M		(0.1)%
Current year catastrophe losses		7.1 %		2.4 %		11.4 %		N/M		7.9 %		8.6 %		2.1 %		24.4 %		N/M		13.7 %
Prior year favorable catastrophe development		(1.2)%		(1.1)%		-		N/M		(0.7)%		-		-		-		N/M		-
Total loss and LAE ratio		63.4 %		46.2 %		75.3 %		N/M		64.5 %		65.4 %		48.3 %		95.9 %		N/M		74.2 %
Expense ratio		33.6 %		37.7 %		25.3 %		N/M		31.0 %		33.3 %		35.1 %		24.9 %		N/M		30.2 %
Combined ratio		97.0 %		83.9 %		100.6 %		N/M		95.5 %		98.7 %		83.4 %		120.8 %		N/M		104.4 %

5

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS
CONSOLIDATED
Nine Months ended September 30
		2024										2023
		Core				Personal						Core				Personal
(In millions, except percentage data)		Commercial		Specialty		Lines		Other		Total		Commercial		Specialty		Lines		Other		Total
Gross premiums written	$	1,929.5	$	1,227.1	$	1,980.1	$	-	$	5,136.7	$	1,855.3	$	1,174.5	$	1,900.7	$	-	$	4,930.5
Net premiums written	$	1,695.0	$	1,042.1	$	1,901.4	$	-	$	4,638.5	$	1,641.5	$	988.4	$	1,834.8	$	-	$	4,464.7
Net premiums earned	$	1,599.6	$	982.6	$	1,818.8	$	-	$	4,401.0	$	1,540.4	$	953.2	$	1,729.2	$	-	$	4,222.8
				-				-						-				-
Losses and LAE:
				-				-						-				-
Current year, excluding catastrophe losses		919.3		491.2		1,178.2		-		2,588.7		877.9		492.7		1,222.6		-		2,593.2
				-				-						-				-
Prior year unfavorable (favorable) development, excluding catastrophe losses		(14.9)		(22.6)		(4.3)		-		(41.8)		6.9		(34.8)		21.1		-		(6.8)
				-				-						-				-
Current accident year catastrophe losses		93.6		45.7		247.6		-		386.9		147.5		45.8		439.1		-		632.4
				-				-						-				-
Prior year unfavorable (favorable) catastrophe development		(24.8)		(12.2)		-		-		(37.0)		(5.7)		(8.3)		14.0		-		-
				-				-						-				-
Total losses and LAE		973.2		502.1		1,421.5		-		2,896.8		1,026.6		495.4		1,696.8		-		3,218.8
				-				-						-				-
Amortization of deferred acquisition costs and other underwriting expenses		538.1		367.0		471.7		-		1,376.8		512.8		338.3		454.8		-		1,305.9
				-				-						-				-
GAAP underwriting profit (loss)		88.3		113.5		(74.4)		-		127.4		1.0		119.5		(422.4)		-		(301.9)
				-				-						-				-
Net investment income		124.3		61.7		77.9		8.0		271.9		114.2		53.6		73.3		9.4		250.5
				-				-						-				-
Other income		3.7		4.7		11.8		1.4		21.6		3.6		4.8		12.6		2.2		23.2
								-										-
Other operating expenses		(5.7)		(5.5)		(5.1)		(8.9)		(25.2)		(4.4)		(4.9)		(4.6)		(10.4)		(24.3)
				-				-						-				-
Operating income (loss) before income taxes	$	210.6	$	174.4	$	10.2	$	0.5	$	395.7	$	114.4	$	173.0	$	(341.1)	$	1.2	$	(52.5)
Loss and LAE ratio:
Current year, excluding catastrophe losses		57.4 %		50.0 %		64.8 %		N/M		58.7 %		57.0 %		51.8 %		70.7 %		N/M		61.4 %
Prior year unfavorable (favorable) development, excluding catastrophe losses		(0.9)%		(2.3)%		(0.2)%		N/M		(0.9)%		0.4 %		(3.7)%		1.2 %		N/M		(0.2)%
Current year catastrophe losses		5.9 %		4.6 %		13.6 %		N/M		8.8 %		9.6 %		4.8 %		25.4 %		N/M		15.0 %
Prior year unfavorable (favorable) catastrophe development		(1.6)%		(1.2)%		-		N/M		(0.8)%		(0.4)%		(0.9)%		0.8 %		N/M		-
Total loss and LAE ratio		60.8 %		51.1 %		78.2 %		N/M		65.8 %		66.6 %		52.0 %		98.1 %		N/M		76.2 %
Expense ratio		33.4 %		37.1 %		25.3 %		N/M		30.9 %		33.1 %		35.2 %		25.6 %		N/M		30.5 %
Combined ratio		94.2 %		88.2 %		103.5 %		N/M		96.7 %		99.7 %		87.2 %		123.7 %		N/M		106.7 %

6

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RELATED RATIOS
CONSOLIDATED
		Q1		Q2		Q3		Q4		Q1		Q2		Q3		Sep-YTD		Sep-YTD
(In millions, except percentage data)		2023		2023		2023		2023		2024		2024		2024		2023		2024
Gross premiums written	$	1,577.3	$	1,589.9	$	1,763.3	$	1,502.4	$	1,625.8	$	1,679.3	$	1,831.6	$	4,930.5	$	5,136.7
Net premiums written	$	1,421.5	$	1,446.8	$	1,596.4	$	1,345.5	$	1,454.0	$	1,521.1	$	1,663.4	$	4,464.7	$	4,638.5
Net premiums earned	$	1,380.0	$	1,411.7	$	1,431.1	$	1,440.3	$	1,448.6	$	1,473.2	$	1,479.2	$	4,222.8	$	4,401.0
Losses and LAE:
Current year, excluding catastrophe losses		845.4		880.0		867.8		867.2		858.7		867.9		862.1		2,593.2		2,588.7
Prior year favorable development, excluding catastrophe losses		(3.0)		(1.7)		(2.1)		(9.1)		(10.4)		(17.4)		(14.0)		(6.8)		(41.8)
Current year catastrophe losses		175.0		261.6		195.8		57.7		93.9		177.1		115.9		632.4		386.9
Prior year favorable catastrophe development		-		-		-		-		(7.0)		(20.0)		(10.0)		-		(37.0)
Total losses and LAE		1,017.4		1,139.9		1,061.5		915.8		935.2		1,007.6		954.0		3,218.8		2,896.8
Amortization of deferred acquisition costs and other underwriting expenses		428.9		438.1		438.9		447.0		452.7		459.4		464.7		1,305.9		1,376.8
GAAP underwriting profit (loss)		(66.3)		(166.3)		(69.3)		77.5		60.7		6.2		60.5		(301.9)		127.4
Net investment income		78.7		87.6		84.2		81.6		89.7		90.4		91.8		250.5		271.9
Other income		8.0		7.8		7.4		7.6		7.3		7.6		6.7		23.2		21.6
Other operating expenses		(7.2)		(8.5)		(8.6)		(8.6)		(8.0)		(8.8)		(8.4)		(24.3)		(25.2)
Operating income (loss) before income taxes	$	13.2	$	(79.4)	$	13.7	$	158.1	$	149.7	$	95.4	$	150.6	$	(52.5)	$	395.7
Loss and LAE ratio:
Current year, excluding catastrophe losses		61.2 %		62.3 %		60.6 %		60.2 %		59.3 %		58.9 %		58.2 %		61.4 %		58.7 %
Prior year favorable development, excluding catastrophe losses		(0.2)%		(0.1)%		(0.1)%		(0.6)%		(0.7)%		(1.2)%		(0.9)%		(0.2)%		(0.9)%
Current year catastrophe losses		12.7 %		18.5 %		13.7 %		4.0 %		6.5 %		12.1 %		7.9 %		15.0 %		8.8 %
Prior year favorable catastrophe development		-		-		-		-		(0.5)%		(1.4)%		(0.7)%		-		(0.8)%
Total loss and LAE ratio		73.7 %		80.7 %		74.2 %		63.6 %		64.6 %		68.4 %		64.5 %		76.2 %		65.8 %
Expense ratio		30.7 %		30.6 %		30.2 %		30.6 %		30.9 %		30.8 %		31.0 %		30.5 %		30.9 %
Combined ratio		104.4 %		111.3 %		104.4 %		94.2 %		95.5 %		99.2 %		95.5 %		106.7 %		96.7 %
Combined ratio, excluding catastrophe losses		91.7 %		92.8 %		90.7 %		90.2 %		89.5 %		88.5 %		88.3 %		91.7 %		88.7 %
Current accident year combined ratio, excluding catastrophe losses		91.9 %		92.9 %		90.8 %		90.8 %		90.2 %		89.7 %		89.2 %		91.9 %		89.6 %

7

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
CORE COMMERCIAL
		Q1		Q2		Q3		Q4		Q1		Q2		Q3		Sep-YTD		Sep-YTD
(In millions, except percentage data)		2023		2023		2023		2023		2024		2024		2024		2023		2024
Gross premiums written	$	634.1	$	553.8	$	667.4	$	539.1	$	660.0	$	587.0	$	682.5	$	1,855.3	$	1,929.5
Net premiums written	$	565.3	$	486.8	$	589.4	$	465.5	$	582.4	$	513.4	$	599.2	$	1,641.5	$	1,695.0
Net premiums earned	$	507.4	$	515.6	$	517.4	$	519.9	$	528.9	$	537.4	$	533.3	$	1,540.4	$	1,599.6
Losses and LAE:
Current year, excluding catastrophe losses		296.9		289.9		291.1		301.0		309.4		299.7		310.2		877.9		919.3
Prior year unfavorable (favorable) development, excluding catastrophe losses		3.5		0.7		2.7		(2.2)		(9.2)		(2.1)		(3.6)		6.9		(14.9)
Current year catastrophe losses		64.6		38.3		44.6		30.5		24.5		30.9		38.2		147.5		93.6
Prior year favorable catastrophe development		(0.7)		(5.0)		-		(1.0)		(3.8)		(14.5)		(6.5)		(5.7)		(24.8)
Total losses and LAE		364.3		323.9		338.4		328.3		320.9		314.0		338.3		1,026.6		973.2
Amortization of deferred acquisition costs and other underwriting expenses		167.9		171.2		173.7		176.0		177.1		180.6		180.4		512.8		538.1
GAAP underwriting profit (loss)		(24.8)		20.5		5.3		15.6		30.9		42.8		14.6		1.0		88.3
Net investment income		36.1		39.7		38.4		37.6		40.8		41.4		42.1		114.2		124.3
Other income		1.2		1.1		1.3		1.1		1.3		1.2		1.2		3.6		3.7
Other operating expenses		(1.3)		(1.2)		(1.9)		(1.5)		(1.5)		(2.2)		(2.0)		(4.4)		(5.7)
Operating income before income taxes	$	11.2	$	60.1	$	43.1	$	52.8	$	71.5	$	83.2	$	55.9	$	114.4	$	210.6
Loss and LAE ratio:
Current year, excluding catastrophe losses		58.5 %		56.2 %		56.3 %		57.8 %		58.5 %		55.7 %		58.2 %		57.0 %		57.4 %
Prior year unfavorable (favorable) development, excluding catastrophe losses		0.7 %		0.1 %		0.5 %		(0.4)%		(1.7)%		(0.4)%		(0.7)%		0.4 %		(0.9)%
Current year catastrophe losses		12.7 %		7.5 %		8.6 %		5.9 %		4.6 %		5.8 %		7.1 %		9.6 %		5.9 %
Prior year favorable catastrophe development		(0.1)%		(1.0)%		-		(0.2)%		(0.7)%		(2.7)%		(1.2)%		(0.4)%		(1.6)%
Total loss and LAE ratio		71.8 %		62.8 %		65.4 %		63.1 %		60.7 %		58.4 %		63.4 %		66.6 %		60.8 %
Expense ratio		32.9 %		33.0 %		33.3 %		33.6 %		33.2 %		33.4 %		33.6 %		33.1 %		33.4 %
Combined ratio		104.7 %		95.8 %		98.7 %		96.7 %		93.9 %		91.8 %		97.0 %		99.7 %		94.2 %
Combined ratio, excluding catastrophe losses		92.1 %		89.3 %		90.1 %		91.0 %		90.0 %		88.7 %		91.1 %		90.5 %		89.9 %
Current accident year combined ratio, excluding catastrophe losses		91.4 %		89.2 %		89.6 %		91.4 %		91.7 %		89.1 %		91.8 %		90.1 %		90.8 %

8

THE HANOVER INSURANCE GROUP
PREMIUMS WRITTEN AND RELATED METRICS
CORE COMMERCIAL
		Q1		Q2		Q3		Q4		Q1		Q2		Q3		Sep-YTD		Sep-YTD
(In millions, except percentage data)		2023		2023		2023		2023		2024		2024		2024		2023		2024
Written Premium
Gross	$	634.1	$	553.8	$	667.4	$	539.1	$	660.0	$	587.0	$	682.5	$	1,855.3	$	1,929.5
Ceded		(68.8)		(67.0)		(78.0)		(73.6)		(77.6)		(73.6)		(83.3)		(213.8)		(234.5)
Net	$	565.3	$	486.8	$	589.4	$	465.5	$	582.4	$	513.4	$	599.2	$	1,641.5	$	1,695.0
Growth		7.3%		7.2%		4.2%		2.7%		3.0%		5.5%		1.7%		6.1%		3.3%
Net premiums written by sub-segment
Small Commercial	$	311.9	$	291.8	$	292.0	$	275.7	$	336.0	$	316.5	$	310.0	$	895.7	$	962.5
Middle Market		253.4		195.0		297.4		189.8		246.4		196.9		289.2		745.8		732.5
Total	$	565.3	$	486.8	$	589.4	$	465.5	$	582.4	$	513.4	$	599.2	$	1,641.5	$	1,695.0
Net premiums written by line of business
Commercial Multiple Peril	$	277.8	$	241.5	$	312.2	$	241.1	$	287.0	$	252.7	$	317.7	$	831.5	$	857.4
Commercial Automobile		100.3		90.4		98.1		84.4		105.7		96.9		103.9		288.8		306.5
Workers’ Compensation		123.2		96.3		101.5		85.8		124.5		104.5		100.1		321.0		329.1
Other Core Commercial		64.0		58.6		77.6		54.2		65.2		59.3		77.5		200.2		202.0
Total	$	565.3	$	486.8	$	589.4	$	465.5	$	582.4	$	513.4	$	599.2	$	1,641.5	$	1,695.0
Related Metrics
Premium Retention		84.0%		83.5%		83.8%		83.6%		82.3%		83.2%		83.2%		83.8%		82.9%
Renewal Price Change		11.5%		11.3%		11.8%		12.4%		11.5%		11.7%		12.9%		11.5%		12.1%

9

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME INFORMATION AND RATIOS
SPECIALTY
		Q1		Q2		Q3		Q4		Q1		Q2		Q3		Sep-YTD		Sep-YTD
(In millions, except percentage data)		2023		2023		2023		2023		2024		2024		2024		2023		2024
Gross premiums written	$	392.5	$	381.5	$	400.5	$	362.8	$	408.4	$	409.8	$	408.9	$	1,174.5	$	1,227.1
																-		-
Net premiums written	$	324.3	$	325.4	$	338.7	$	304.9	$	339.8	$	352.1	$	350.2	$	988.4	$	1,042.1
																-		-
Net premiums earned	$	311.7	$	319.8	$	321.7	$	321.0	$	320.9	$	330.5	$	331.2	$	953.2	$	982.6
																-		-
Losses and LAE:
																-		-
Current year, excluding catastrophe losses		166.8		172.5		153.4		158.5		156.6		175.7		158.9		492.7		491.2
																-		-
Prior year favorable development, excluding catastrophe losses		(18.1)		(11.7)		(5.0)		(14.0)		(1.1)		(11.3)		(10.2)		(34.8)		(22.6)
																-		-
Current year catastrophe losses		25.8		13.1		6.9		5.6		10.2		27.6		7.9		45.8		45.7
																-		-
Prior year favorable catastrophe development		(4.3)		(4.0)		-		-		(3.2)		(5.5)		(3.5)		(8.3)		(12.2)
																-		-
Total losses and LAE		170.2		169.9		155.3		150.1		162.5		186.5		153.1		495.4		502.1
																-		-
Amortization of deferred acquisition costs and other underwriting expenses		110.8		113.8		113.7		117.5		119.5		122.0		125.5		338.3		367.0
																-		-
GAAP underwriting profit		30.7		36.1		52.7		53.4		38.9		22.0		52.6		119.5		113.5
																-		-
Net investment income		17.0		18.6		18.0		17.5		20.3		20.5		20.9		53.6		61.7
																-		-
Other income		1.8		1.8		1.2		1.6		1.3		1.8		1.6		4.8		4.7
																-		-
Other operating expenses		(1.2)		(2.1)		(1.6)		(2.0)		(1.7)		(1.7)		(2.1)		(4.9)		(5.5)
																-		-
Operating income before income taxes	$	48.3	$	54.4	$	70.3	$	70.5	$	58.8	$	42.6	$	73.0	$	173.0	$	174.4
Loss and LAE ratio:
																-		-
Current year, excluding catastrophe losses		53.5 %		54.0 %		47.8%		49.5 %		48.7 %		53.1 %		48.0 %		51.8%		50.0 %
																-		-
Prior year favorable development, excluding catastrophe losses		(5.8)%		(3.7)%		(1.6)%		(4.4)%		(0.3)%		(3.4)%		(3.1)%		(3.7)%		(2.3)%
																-		-
Current year catastrophe losses		8.3 %		4.1 %		2.1%		1.7 %		3.2 %		8.4 %		2.4 %		4.8%		4.6 %
																-		-
Prior year favorable catastrophe development		(1.4)%		(1.3)%		-		-		(1.0)%		(1.7)%		(1.1)%		(0.9)%		(1.2)%
																-		-
Total loss and LAE ratio		54.6 %		53.1 %		48.3 %		46.8 %		50.6 %		56.4 %		46.2 %		52.0 %		51.1 %
																-		-
Expense ratio		35.3 %		35.3 %		35.1 %		36.4 %		37.0 %		36.7 %		37.7 %		35.2 %		37.1 %
																-		-
Combined ratio		89.9 %		88.4 %		83.4 %		83.2 %		87.6 %		93.1 %		83.9 %		87.2 %		88.2 %
																-		-
Combined ratio, excluding catastrophe losses		83.0 %		85.6 %		81.3 %		81.5 %		85.4 %		86.4 %		82.6%		83.3 %		84.8 %
Current accident year combined ratio, excluding catastrophe losses		88.8 %		89.3 %		82.9 %		85.9 %		85.7 %		89.8 %		85.7%		87.0 %		87.1 %

10

THE HANOVER INSURANCE GROUP
PREMIUMS WRITTEN AND RELATED METRICS
SPECIALTY
		Q1		Q2		Q3		Q4		Q1		Q2		Q3		Sep-YTD		Sep-YTD
(In millions, except percentage data)		2023		2023		2023		2023		2024		2024		2024		2023		2024
Written Premiums
Gross	$	392.5	$	381.5	$	400.5	$	362.8	$	408.4	$	409.8	$	408.9	$	1,174.5	$	1,227.1
Ceded		(68.2)		(56.1)		(61.8)		(57.9)		(68.6)		(57.7)		(58.7)		(186.1)		(185.0)
Net	$	324.3	$	325.4	$	338.7	$	304.9	$	339.8	$	352.1	$	350.2	$	988.4	$	1,042.1
Growth		7.1%		7.6%		2.9%		-1.5%		4.8%		8.2%		3.4%		5.8%		5.4%
																-		-
Net premiums written by sub-segment																-		-
Professional and Executive Lines	$	111.0	$	99.4	$	111.0	$	98.9	$	112.8	$	106.6	$	114.8	$	321.4	$	334.2
Specialty Property & Casualty		101.7		103.6		97.5		99.2		107.9		109.5		97.8		302.8		315.2
Marine		94.1		104.4		107.4		88.1		99.5		115.3		112.2		305.9		327.0
Surety and Other		17.5		18.0		22.8		18.7		19.6		20.7		25.4		58.3		65.7
Total	$	324.3	$	325.4	$	338.7	$	304.9	$	339.8	$	352.1	$	350.2	$	988.4	$	1,042.1
																-		-
Related Metrics
Premium Retention		82.5%		80.5%		79.7%		76.0%		83.1%		83.0%		81.5%		80.9%		82.5%
Renewal Price Change		12.6%		11.4%		12.9%		11.6%		11.0%		11.7%		10.1%		12.3%		10.9%

11

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS
PERSONAL LINES
Three Months ended September 30
	2024						2023
(In millions, except percentage data)		Auto		Home and Other		Total		Auto		Home and Other		Total
Net premiums written	$	411.1	$	302.9	$	714.0	$	385.0	$	283.3	$	668.3
Net premiums earned	$	358.0	$	256.7	$	614.7	$	348.5	$	243.5	$	592.0
						-						-
Losses and LAE:
						-						-
Current year, excluding catastrophe losses		250.0		143.0		393.0		269.8		153.5		423.3
						-						-
Prior year unfavorable (favorable) development, excluding catastrophe losses		(0.1)		(0.1)		(0.2)		4.2		(4.0)		0.2
						-						-
Current year catastrophe losses		5.8		64.0		69.8		15.7		128.6		144.3
						-						-
Prior year unfavorable (favorable) catastrophe development		-		-		-		(0.2)		0.2		-
						-						-
Total losses and LAE		255.7		206.9		462.6		289.5		278.3		567.8
						-						-
Amortization of deferred acquisition costs and other underwriting expenses						158.8						151.5
						-						-
GAAP underwriting loss						(6.7)						(127.3)
						-						-
Net investment income						26.3						24.3
						-						-
Other income						3.9						4.2
						-						-
Other operating expenses						(1.8)						(1.6)
						-						-
Operating income (loss) before income taxes					$	21.7					$	(100.4)
Loss and LAE ratio:
Current year, excluding catastrophe losses		69.8 %		55.7 %		63.9 %		77.5 %		63.0 %		71.5 %
Prior year unfavorable (favorable) development, excluding catastrophe losses		-		-		-		1.2 %		(1.6)%		-
Current year catastrophe losses		1.6 %		24.9 %		11.4 %		4.5 %		52.8 %		24.4 %
Prior year unfavorable (favorable) catastrophe development		-		-		-		(0.1)%		0.1 %		-
Total loss and LAE ratio		71.4 %		80.6 %		75.3 %		83.1 %		114.3 %		95.9 %
Expense ratio						25.3 %						24.9 %
Combined ratio						100.6 %						120.8 %

12

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RATIOS
PERSONAL LINES
Nine Months ended September 30
	2024						2023
(In millions, except percentage data)		Auto		Home & Other		Total		Auto		Home & Other		Total
Net premiums written	$	1,110.9	$	790.5	$	1,901.4	$	1,076.1	$	758.7	$	1,834.8
Net premiums earned	$	1,058.7	$	760.1	$	1,818.8	$	1,017.8	$	711.4	$	1,729.2
Losses and LAE:
Current year, excluding catastrophe losses		753.2		425.0		1,178.2		788.7		433.9		1,222.6
Prior year unfavorable (favorable) development, excluding catastrophe losses		(13.4)		9.1		(4.3)		17.1		4.0		21.1
Current year catastrophe losses		17.0		230.6		247.6		32.3		406.8		439.1
Prior year unfavorable (favorable) catastrophe development		0.8		(0.8)		-		(0.7)		14.7		14.0
Total losses and LAE		757.6		663.9		1,421.5		837.4		859.4		1,696.8
Amortization of deferred acquisition costs and other underwriting expenses						471.7						454.8
GAAP underwriting loss						(74.4)						(422.4)
Net investment income						77.9						73.3
Other income						11.8						12.6
Other operating expenses						(5.1)						(4.6)
Operating income (loss) before income taxes					$	10.2					$	(341.1)
Loss and LAE ratio:
Current year, excluding catastrophe losses		71.2 %		55.9 %		64.8 %		77.5 %		61.0 %		70.7 %
Prior year unfavorable (favorable) development, excluding catastrophe losses		(1.3)%		1.2 %		(0.2)%		1.7 %		0.6 %		1.2 %
Current year catastrophe losses		1.6 %		30.3 %		13.6 %		3.2 %		57.1 %		25.4 %
Prior year unfavorable (favorable) catastrophe development		0.1 %		(0.1)%		-		(0.1)%		2.1 %		0.8 %
Total loss and LAE ratio		71.6 %		87.3 %		78.2 %		82.3 %		120.8 %		98.1 %
Expense ratio						25.3 %						25.6 %
Combined ratio						103.5 %						123.7 %

13

THE HANOVER INSURANCE GROUP
GAAP UNDERWRITING AND OPERATING INCOME (LOSS) INFORMATION AND RELATED RATIOS
PERSONAL LINES
		Q1		Q2		Q3		Q4		Q1		Q2		Q3		Sep-YTD		Sep-YTD
(In millions, except percentage data)		2023		2023		2023		2023		2024		2024		2024		2023		2024
Gross premiums written	$	550.7	$	654.6	$	695.4	$	600.5	$	557.4	$	682.5	$	740.2	$	1,900.7	$	1,980.1
																-		-
Net premiums written	$	531.9	$	634.6	$	668.3	$	575.1	$	531.8	$	655.6	$	714.0	$	1,834.8	$	1,901.4
																-		-
Net premiums earned	$	560.9	$	576.3	$	592.0	$	599.4	$	598.8	$	605.3	$	614.7	$	1,729.2	$	1,818.8
																-		-
Losses and LAE:
																-		-
Current year, excluding catastrophe losses		381.7		417.6		423.3		407.7		392.7		392.5		393.0		1,222.6		1,178.2
																-		-
Prior year unfavorable (favorable) development, excluding catastrophe losses		11.6		9.3		0.2		4.8		(0.1)		(4.0)		(0.2)		21.1		(4.3)
																-		-
Current year catastrophe losses		84.6		210.2		144.3		21.6		59.2		118.6		69.8		439.1		247.6
																-		-
Prior year unfavorable catastrophe development		5.0		9.0		-		1.0		-		-		-		14.0		-
																-		-
Total losses and LAE		482.9		646.1		567.8		435.1		451.8		507.1		462.6		1,696.8		1,421.5
																-		-
Amortization of deferred acquisition costs and other underwriting expenses		150.2		153.1		151.5		153.5		156.1		156.8		158.8		454.8		471.7
																-		-
GAAP underwriting profit (loss)		(72.2)		(222.9)		(127.3)		10.8		(9.1)		(58.6)		(6.7)		(422.4)		(74.4)
Net investment income		22.6		26.4		24.3		23.5		25.6		26.0		26.3		73.3		77.9
Other income		4.3		4.1		4.2		4.1		4.0		3.9		3.9		12.6		11.8
Other operating expenses		(1.3)		(1.7)		(1.6)		(1.6)		(1.6)		(1.7)		(1.8)		(4.6)		(5.1)
Operating income (loss) before income taxes	$	(46.6)	$	(194.1)	$	(100.4)	$	36.8	$	18.9	$	(30.4)	$	21.7	$	(341.1)	$	10.2
Loss and LAE ratio:
																-		-
Current year, excluding catastrophe losses		68.0 %		72.5 %		71.5 %		68.0 %		65.6 %		64.9 %		63.9 %		70.7 %		64.8 %
																-		-
Prior year unfavorable (favorable) development, excluding catastrophe losses		2.1 %		1.6 %		-		0.8 %		-		(0.7)%		-		1.2 %		(0.2)%
																-		-
Current year catastrophe losses		15.1 %		36.4 %		24.4 %		3.6 %		9.9 %		19.6 %		11.4 %		25.4 %		13.6 %
																-		-
Prior year unfavorable catastrophe development		0.9 %		1.6 %		-		0.2 %		-		-		-		0.8 %		-
																-		-
Total loss and LAE ratio		86.1 %		112.1 %		95.9 %		72.6 %		75.5 %		83.8 %		75.3 %		98.1 %		78.2 %
																-		-
Expense ratio		26.1 %		25.9 %		24.9 %		25.0 %		25.5 %		25.3 %		25.3 %		25.6 %		25.3 %
																-		-
Combined ratio		112.2 %		138.0 %		120.8 %		97.6 %		101.0 %		109.1 %		100.6 %		123.7 %		103.5 %
																-		-
Combined ratio, excluding catastrophe losses		96.2 %		100.0 %		96.4 %		93.8 %		91.1 %		89.5 %		89.2 %		97.5 %		89.9 %
Current accident year combined ratio, excluding catastrophe losses		94.1 %		98.4 %		96.4 %		93.0 %		91.1 %		90.2 %		89.2 %		96.3 %		90.1 %

14

THE HANOVER INSURANCE GROUP
PREMIUMS WRITTEN AND RELATED METRICS
PERSONAL LINES
		Q1		Q2		Q3		Q4		Q1		Q2		Q3	Sep-YTD		Sep-YTD
(In millions, except percentage data)		2023		2023		2023		2023		2024		2024		2024	2023		2024
Written Premiums
Gross	$	550.7	$	654.6	$	695.4	$	600.5	$	557.4	$	682.5	$	740.2	1,900.7	$	1,980.1
Ceded		(18.8)		(20.0)		(27.1)		(25.4)		(25.6)		(26.9)		(26.2)	(65.9)		(78.7)
Net	$	531.9	$	634.6	$	668.3	$	575.1	$	531.8	$	655.6	$	714.0	1,834.8	$	1,901.4
Growth		10.1%		10.1%		9.5%		2.1%		0.0%		3.3%		6.8%	9.9%		3.6%
Net premiums written by line of business
Personal Automobile	$	323.0	$	368.1	$	385.0	$	328.1	$	317.0	$	382.8	$	411.1	1,076.1	$	1,110.9
Homeowners and Other		208.9		266.5		283.3		247.0		214.8		272.8		302.9	758.7		790.5
Total	$	531.9	$	634.6	$	668.3	$	575.1	$	531.8	$	655.6	$	714.0	1,834.8	$	1,901.4
Related Metrics
Renewal Price Change
Personal Automobile		8.9%		12.0%		14.3%		14.7%		18.2%		18.0%		14.9%	11.9%		16.9%
Homeowners		18.9%		21.7%		23.4%		29.1%		30.2%		19.1%		16.2%	21.6%		21.0%
Total (1)		12.7%		15.9%		18.0%		20.6%		22.8%		18.5%		15.4%	15.7%		18.6%
Policy Retention
Personal Automobile		84.5%		84.2%		83.8%		80.9%		79.6%		81.2%		82.8%	84.1%		81.3%
Homeowners		85.6%		85.7%		85.3%		82.2%		80.3%		82.7%		84.6%	85.5%		82.7%
Total (1)		85.0%		84.9%		84.6%		81.6%		79.9%		82.0%		83.7%	84.8%		82.0%
PIF change from prior year period
Personal Automobile		4.5%		2.7%		1.0%		-2.2%		-5.5%		-7.6%		-8.5%	1.0%		-8.5%
Homeowners		4.6%		3.1%		1.7%		-1.4%		-4.7%		-6.9%		-7.8%	1.7%		-7.8%
Total (1)		4.6%		2.9%		1.3%		-1.8%		-5.1%		-7.3%		-8.2%	1.3%		-8.2%
(1) Related metrics exclude Other Personal Lines.

15

THE HANOVER INSURANCE GROUP
NET INVESTMENT INCOME AND YIELDS
		Q1	Q2	Q3	Q4	Q1	Q2	Q3	YTD	YTD
(In millions, except yields)		2023	2023	2023	2023	2024	2024	2024	2023	2024
Net Investment Income
	Fixed maturities	$68.3	$69.4	$71.3	$74.2	$75.7	$76.5	$82.3	$209.0	$234.5
	Limited partnerships	5.3	13.1	8.1	3.5	9.2	1.4	4.0	26.5	14.6
	Mortgage loans	4.0	4.0	3.9	3.9	3.7	3.9	3.6	11.9	11.2
	Equity securities	1.9	1.9	1.7	0.9	0.8	0.8	0.8	5.5	2.4
	Other investments	2.5	2.7	2.6	2.8	3.8	11.5	5.2	7.8	20.5
	Investment expenses	(3.3)	(3.5)	(3.4)	(3.7)	(3.5)	(3.7)	(4.1)	(10.2)	(11.3)
Total		$78.7	$87.6	$84.2	$81.6	$89.7	$90.4	$91.8	$250.5	$271.9
Pre-tax Yields
	Fixed maturities	3.27%	3.31%	3.37%	3.46%	3.52%	3.53%	3.73%	3.32%	3.59%
	Total	3.34%	3.73%	3.55%	3.40%	3.70%	3.73%	3.70%	3.54%	3.71%
Pre-tax yields represent annualized net investment income for the period divided by the monthly average invested assets at amortized cost or cost, which excludes accumulated changes in fair value for fixed maturities and equity securities.

16

THE HANOVER INSURANCE GROUP
INVESTMENT PORTFOLIO
September 30, 2024
(In millions)
						Change in	Change in
	Weighted	Amortized			Net	Net	Net
	Average	Cost	Fair Value /	% of	Unrealized	Unrealized	Unrealized
Investment Type	Quality	or Cost (1)	Carry Value	Total	Gain (Loss)	During Q3	YTD
Fixed maturities:
U.S. Treasury and government agencies	AA+	$616.8	$576.8	5.8%	$(40.0)	$18.8	$10.3
Foreign governments	BB	1.7	1.8	-	0.1	-	0.1
Municipals:
Taxable	AA+	1,105.9	1,019.4	10.2%	(86.5)	42.6	40.1
Tax-exempt	AA	29.1	29.9	0.3%	0.8	0.6	(1.7)
Corporates:
NAIC 1	A	1,883.5	1,859.3	18.7%	(24.2)	61.6	46.2
NAIC 2	BBB	1,729.4	1,674.7	16.8%	(54.7)	63.4	79.3
NAIC 3 and below	B+	433.8	439.9	4.4%	6.1	9.0	3.9
Total corporates	BBB+	4,046.7	3,973.9	39.9%	(72.8)	134.0	129.4
Asset-backed:
Residential mortgage-backed	AA+	1,813.2	1,728.8	17.4%	(84.4)	68.5	40.3
Commercial mortgage-backed	AAA	621.9	586.2	5.9%	(35.7)	24.8	36.4
Other asset-backed	AAA	701.2	703.2	7.1%	2.0	15.1	17.2
Total fixed maturities	A+	8,936.5	8,620.0	86.6%	(316.5)	304.4	272.1
Limited partnerships and other investments		425.9	425.9	4.3%	-	-	-
Mortgage and other loans		334.7	334.7	3.3%	-	-	-
Equity securities		150.1	150.1	1.5%	-	-	-
Total investments		9,847.2	9,530.7	95.7%	(316.5)	304.4	272.1
Cash and cash equivalents		427.1	427.1	4.3%	-	-	-
Total		$10,274.3	$9,957.8	100.0%	$(316.5)	$304.4	$272.1
(1) Net of allowance for credit losses of $8.1 million.

17

THE HANOVER INSURANCE GROUP
CREDIT QUALITY AND DURATION OF FIXED MATURITIES
September 30, 2024
(In millions)
CREDIT QUALITY OF FIXED MATURITIES
		Rating Agency		Amortized			Fair		% of Total
NAIC Designation		Equivalent Designation		Cost (1)			Value		Fair Value
1		Aaa/Aa/A	$		6,764.6	$		6,497.6		75.4	%
2		Baa			1,735.8			1,680.1		19.5	%
3		Ba			212.4			217.0		2.5	%
4		B			175.0			178.4		2.1	%
5		Caa and lower			30.7			29.4		0.3	%
6		In or near default			18.0			17.5		0.2	%
Total fixed maturities			$		8,936.5	$		8,620.0		100.0	%
DURATION OF FIXED MATURITIES
				Amortized			Fair		% of Total
				Cost (1)			Value		Fair Value
	0-2 Years		$		2,045.3	$		2,037.3		23.6	%
	2-4 Years				2,383.8			2,368.0		27.5	%
	4-6 Years				2,292.1			2,162.8		25.1	%
	6-8 Years				1,985.8			1,856.7		21.5	%
	8-10 Years				94.9			84.0		1.0	%
	10+ Years				134.6			111.2		1.3	%
Total fixed maturities			$		8,936.5	$		8,620.0		100.0	%
Weighted Average Duration								4.1
(1) Net of allowance for credit losses of $0.6 million.

18

TOP 25 CORPORATE AND MUNICIPAL FIXED MATURITY HOLDINGS
September 30, 2024
(In millions, except percentage data)
Issuer	Amortized Cost	Fair Value	As a Percent of Invested Assets	Ratings (1)
Morgan Stanley	$43.6	$42.9	0.43%	A-
Goldman Sachs	41.5	41.3	0.41%	BBB+
JPMorgan Chase	41.5	41.6	0.42%	A-
Minnesota Housing Finance Agency	41.4	35.2	0.35%	AAA
Colorado Housing & Finance Authority	36.5	35.4	0.36%	AAA
State of Ohio	33.8	28.7	0.29%	AAA
Citigroup	32.4	32.3	0.32%	A-
Massachusetts School Building Authority	31.0	27.3	0.27%	AA+
Wells Fargo	29.3	29.4	0.29%	BBB+
UnitedHealth Group	27.8	26.8	0.27%	A+
District of Columbia	27.0	23.8	0.24%	AAA
State of Oregon	27.0	23.9	0.24%	AA+
UBS Group	26.5	25.6	0.26%	A-
Charles Schwab	24.6	23.7	0.24%	A-
Bank of New York Mellon	24.6	24.2	0.24%	A
California State University	24.3	20.5	0.21%	AA-
PNC Financial	24.3	24.1	0.24%	A-
Truist Financial	24.0	23.8	0.24%	A-
Capital One Financial	23.6	22.6	0.23%	BBB
Cisco Systems	23.6	24.3	0.24%	AA-
Mastercard	23.4	23.5	0.24%	A+
Toronto Dominion Bank	23.4	23.7	0.24%	A
Phillip Morris	23.4	23.9	0.24%	A-
State of Louisiana	23.2	21.6	0.22%	AA-
Public Service Enterprise	23.1	23.6	0.24%	A-
Top 25 Corporate and Municipal	$724.8	$693.7	6.97%
(1) Represents nationally recognized rating agency sources.

19

THE HANOVER INSURANCE GROUP
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET INCOME (LOSS)
	Three Months ended September 30								Nine Months ended September 30
	2024				2023				2024				2023
(In millions, except per share data)		$	Per Share (Diluted)			$	Per Share (Diluted)			$	Per Share (Diluted)			$	Per Share (1)
OPERATING INCOME (LOSS)
Core Commercial	$	55.9			$	43.1			$	210.6			$	114.4
Specialty		73.0				70.3				174.4				173.0
Personal Lines		21.7				(100.4)				10.2				(341.1)
Other		-				0.7				0.5				1.2
Total		150.6				13.7				395.7				(52.5)
Interest expense		(8.5)				(8.5)				(25.6)				(25.6)
Operating income (loss) before income taxes		142.1	$	3.89		5.2	$	0.15		370.1	$	10.18		(78.1)	$	(2.18)
Income tax benefit (expense) on operating income		(30.8)		(0.84)		1.6		0.04		(78.8)		(2.17)		21.2		0.59
Operating income (loss) after income taxes		111.3		3.05		6.8		0.19		291.3		8.01		(56.9)		(1.59)
Non-operating items:
Net realized losses from sales and other		(23.5)		(0.64)		(0.9)		(0.03)		(55.2)		(1.52)		(1.9)		(0.06)
Net change in fair value of equity securities		11.7		0.32		(5.2)		(0.14)		19.3		0.53		(13.4)		(0.38)
Impairments on investments:
Credit-related impairments		(0.1)		-		-		-		(3.3)		(0.09)		(6.2)		(0.17)
Losses on intent to sell securities		(0.5)		(0.01)		-		-		(2.2)		(0.06)		(10.3)		(0.29)
		(0.6)		(0.01)		-		-		(5.5)		(0.15)		(16.5)		(0.46)
Other non-operating items		-		-		-		-		(2.4)		(0.07)		0.8		0.02
Income tax benefit on non-operating items		3.2		0.08		7.5		0.21		10.5		0.29		14.1		0.40
Income (loss) from continuing operations, net of taxes		102.1		2.80		8.2		0.23		258.0		7.09		(73.8)		(2.07)
Discontinued operations (net of taxes):
Income from discontinued life businesses		-		-		-		-		0.1		0.01		-		-
Income from discontinued Chaucer business		-		-		0.4		0.01		-		-		1.2		0.04
NET INCOME (LOSS)	$	102.1	$	2.80	$	8.6	$	0.24	$	258.1	$	7.10	$	(72.6)	$	(2.03)
(1) Per share data is calculated using basic shares outstanding due to antidilution.

20

THE HANOVER INSURANCE GROUP

Non-GAAP Financial Measures

The Hanover uses non-GAAP financial measures as important measures of the Company’s operating performance, which we believe provide investors with additional information regarding management’s evaluation of our results of operations and financial performance. The Company’s non-GAAP measures include operating income (loss) before interest expense and income taxes, total operating income (loss) after income taxes, total operating income (loss) after income taxes per diluted (basic) share, total book value per share, total book value per share excluding net unrealized gains and losses related to fixed maturity investments and market risk, net of tax, tangible book value per share and measures of operating income (loss) and combined ratios excluding catastrophe losses (catastrophe losses as discussed here and in all other measures include catastrophe loss development) and reserve development.

Operating income (loss) before interest expense and income taxes is net income (loss), excluding interest expense on debt, income taxes and net realized and unrealized investment gains and losses, which includes changes in the fair value of equity securities still held because fluctuations in these gains and losses are determined by interest rates, financial markets and the timing of sales. Operating income (loss) before interest expense and income taxes also excludes net gains and losses on disposals of businesses, discontinued operations, restructuring costs, the cumulative effect of accounting changes and certain other items. Operating income (loss) before interest expense and income taxes is the sum of the operating income (loss) from: Core Commercial, Specialty, Personal Lines, and Other. After-tax operating income (loss) earnings per diluted (basic) share (sometimes referred to as “after-tax operating income (loss) per share”) is also a non-GAAP measure. It is defined as net income (loss) excluding the after-tax impact of net realized and unrealized investment gains (losses), as well as results from discontinued operations and other non-operating items for a period divided by the average number of diluted (basic) shares of common stock. The Hanover believes that measures of operating income (loss) before interest expense and income taxes provide investors with a valuable measure of the performance of the Company’s ongoing businesses because they highlight net income (loss) attributable to the core operations of the business.

Book value per share is total shareholders’ equity divided by the number of common shares outstanding. Book value per share excluding net unrealized gains and losses related to fixed maturity investments, net of tax, is total shareholders’ equity excluding the after-tax effect of unrealized investment gains and losses on fixed maturities and market risk divided by the number of common shares outstanding. Tangible book value per share is total shareholders’ equity, excluding goodwill and intangible assets, divided by the number of common shares outstanding.

The Hanover also provides measures of operating results and loss ratios that exclude the effects of catastrophe losses. A catastrophe is a severe loss, resulting from natural or manmade events. Catastrophes caused by various natural events include, among others, hurricanes, tornadoes and other windstorms, hail, flood, earthquakes, fire, explosions, severe winter weather and other convective storms. Catastrophes caused by various manmade events include, among others, fire, explosions, riots, and terrorism. Each catastrophe has unique characteristics. Catastrophes are not predictable as to timing or loss amount in advance. The Hanover believes that providing certain financial metrics and trends excluding the effects of catastrophes is meaningful for investors to understand the variability of periodic earnings and loss ratios.

Prior year reserve development, which can be favorable or unfavorable, represents changes in our estimate of the costs to pay claims from prior years. We believe that a discussion of operating income (loss) excluding prior year reserve development is helpful to investors since it provides insight into both our estimate of current year accident results and changes to prior-year reserve estimates.

Operating income (loss) before and after interest expense and income taxes and measures of operating income (loss) that exclude the effects of catastrophe losses or reserve development should not be construed as substitutes for income (loss) before income taxes or income (loss) from continuing operations and operating income (loss) should not be construed as a substitute for net income (loss) determined in accordance with GAAP. A reconciliation of income (loss) from continuing operations to operating income (loss) before interest expense and income taxes and income (loss) from continuing operations per diluted (basic) share to operating income (loss) after taxes per diluted (basic) share for the three and nine months ended September 30, 2024 and 2023 is set forth on page 20 of this document. The presentation of loss ratios calculated excluding the effects of reserve development and/or catastrophe losses should not be construed as a substitute for loss ratios determined in accordance with GAAP.

Additional reconciliations are provided in the press release relating to the current period(s) financial results, which is available on the Company’s website, www.hanover.com.

21

THE HANOVER INSURANCE GROUP
PREMIUM RELATED METRIC DEFINITIONS
	Renewal Price Change
●	Core Commercial and Specialty: Represents the average change in premium on renewed policies caused by the estimated net effect of base rate changes, discretionary pricing, specific inflationary changes or changes in policy level exposure or insured risks.
●	Personal Lines:Represents the average change in premium on policies charged at renewal caused by the net effects of filed rate, inflation adjustments or other changes in policy level exposure or insured risks, regardless of whether or not the policies are retained for the duration of their contractual terms.
	Rate
●	Core Commercial and Specialty: Represents the average change in premium on renewed policies caused by the base rate changes, discretionary pricing, and inflation, excluding the impact of changes in policy level exposure or insured risks.
●	Personal Lines:Represents the estimated cumulative premium effect of approved rate actions applied to policies at renewal, regardless of whether or not policies are actually renewed. Accordingly, rate changes do not represent actual increases or decreases realized by the company. Personal Lines rate changes do not include inflation or changes in policy level exposure or insured risks.
	Retention
●	Core Commercial and Specialty: Represents the ratio of net retained premium for the noted period to the premium available to renew over the same period.
●	Personal Lines:Represents the ratio of net retained policies for the noted period to those policies available to renew over the same period and includes policies that were canceled and rewritten.
	Policies in Force (PIF) Change
●	Represents the change in the number of policies in force at the end of a given period from the end of the same period in the prior year.

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CORPORATE OFFICES AND				INDUSTRY RATINGS AS OF October 30, 2024				TRANSFER AGENT
PRINCIPAL SUBSIDIARIES
THE HANOVER INSURANCE GROUP, INC.					A.M.			Computershare Investor Services
440 Lincoln Street				Financial Strength Ratings	Best	S&P Global	Moody's	PO Box 43006
Worcester, MA 01653				The Hanover Insurance				Providence, RI 02940-3006
				Company	A	A	A2	1-800-317-4454
The Hanover Insurance Company				Citizens Insurance Company
440 Lincoln Street				of America	A	A	-
Worcester, MA 01653
								COMMON STOCK
Citizens Insurance Company of America					A.M.
808 North Highlander Way				Debt Ratings	Best	S&P Global	Moody's	Common stock of The Hanover Insurance Group, Inc. is traded
Howell, MI 48843				The Hanover Insurance Group, Inc.				on the New York Stock Exchange under the symbol “THG”.
				Senior Debt	bbb+	BBB	Baa2
				Subordinated Debentures	bbb-	BB+	Baa3
MARKET AND DIVIDEND INFORMATION								INQUIRIES
The following tables set forth the high and low closing				The above ratings are accurate as of October 30, 2024, and may be revised,				Oksana Lukasheva
sale prices of our common stock and quarterly cash				superseded or withdrawn by the respective rating agency at any time. For				Senior Vice President
dividends for the periods indicated:				the most current information concerning the financial ratings of The Hanover				Corporate Finance
				Insurance Group and its subsidiaries, please visit the websites of the				olukasheva@hanover.com
Quarter Ended	2024			respective rating agencies.
	Price Range		Dividends
	High	Low	Per Share
March 31	$136.58	$122.20	$0.850
June 30	$137.56	$120.84	$0.850
September 30	$149.58	$123.93	$0.850
Quarter Ended	2023
	Price Range		Dividends
	High	Low	Per Share
March 31	$148.20	$121.57	$0.810
June 30	$130.32	$110.25	$0.810
September 30	$114.26	$104.25	$0.810
December 31	$128.18	$109.40	$0.850

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